CUNA followed up its March 12 letter to NCUA Tuesday with supplemental recommendations it has received through continued engagement with Leagues and credit unions. CUNA’s original letter detailed possible NCUA actions to alleviate the impact of the coronavirus disease (COVID-19) on credit unions and their members, and CUNA President/CEO Jim Nussle followed up with a call to NCUA leadership last week.
“As today’s economic environment is rapidly changing and bringing new challenges, CUNA appreciates the NCUA Board and staff willingness to promptly address feedback received from the industry. We understand the necessity in communicating information to NCUA as we receive it, and we appreciate the agency’s openness and responsiveness to these efforts,” the letter reads. “Based on information CUNA received from state Leagues and credit unions in the last few days as COVID-19 continues to affect the economy and credit union members, we have the following additional recommendations on immediate actions NCUA can take to alleviate burden on the industry.”
The recommendations call on NCUA to: